The digital advances that customers have demanded to help them gain instant quotes and policy approvals have made it easier for cyber criminals to commit fraud. View the SlideShare to discover how to safely and instantly approve insurance quotes, how to stop false insurance claims, and how to stop Ghost Brokers.

1. Fighting Digital Fraud in
the Insurance Industry

2. INTRODUCTION
The insurance industry is a $1.5 trillion business ($4.6 trillion globally)
that contributes about 2.6 percent of the U.S. gross domestic product.
However, one out of every 10 account creations are fraudulent —
up 35 percent since 2015.
The digital advances that
customers have demanded to
help them gain instant quotes and
policy approvals have made it
easier for cybercriminals to
commit fraud.
Digital identities are
key in fighting fraud in
the insurance industry.

3. Case #1: Instant Quotes and Approval

4. Issue
Digital customers demand instant quotes
and policy approval.
Need
Insurers must ensure this anytime,
anywhere access is secure but without
the friction of addition step-up
authentication.
Solution
A digital identity created by analyzing the
myriad connections between devices,
locations and anonymized personal
information can more accurately profile
the risk of every policy application and
do so in real-time without the need for
additional authentication.
Insurers Using Anti-Fraud
Systems at the Point of Sale
Source: Willis Towers Watson
42%
Case #1:
Instant Quotes and Approval

5. Case #2: False Claims

6. Issue
Using stolen identities, fraudsters seek
out or sell access to medical treatment
that is billed to the victim’s insurance
company.
Need
Insurers need to identify fraudulent
claims before they are paid out.
Solution
Using digital identities that analyze the
associations between users and their
devices, locations, accounts and
behaviors, insurers can instantly see if a
claim is being made by someone other
than who they are claiming to be, or if a
claimant has been flagged for fraud by
other insurers.
Fraudulent health insurance
claims amount to more than
$68 in annual losses
Case #2:
False Claims

7. Case #3: Ghost Brokers

8. Issue
Ghost brokers, claiming to be actual
insurance brokers, use stolen identities
to purchase actual policies, then sell
them to unknowing customers.
Need
Insurers need a system to identify ghost
brokers.
Solution
Digital identities can be used to identify
each applicant or broker (real or
otherwise) in real time, so insurers can
instantly reject suspicious applications
and can reveal if the ghost broker is an
individual or an organized network of
fraudsters.
Anatomy of a
Ghost Broker Scheme
Case #3:
Ghost Brokers

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